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Predictive analysis
Predictive analytics is the practice of extracting insights from existing data to identify patterns and forecast future trends, although it does not guarantee outcomes. In business, it is applied through predictive models that analyze current and historical data to understand customer behavior, identify risks, and seize opportunities. Utilizing techniques like data mining and machine learning, predictive analytics enhances the capacity to leverage big data for a proactive approach to customer engagement and marketing.
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Predictive analysis
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- 2. ANALYTICS AND DECISION MAKING Predictive analytics isthe practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive analytics does not tell you what will happen in the future.
- 3. PredictiveModelsandAnalysisAppliedto Business Predictive models andanalysis are typically used to forecast future probabilities. Applied to business, predictive models are used to analyze current data and historical facts in order to better understand customers, products and partners and to identify potential risks and opportunities for a company. It uses a number of techniques, including data mining, statistical modeling and machine learning to help analysts make future business forecasts. PredictiveAnalyticsResources Big Data Analytics Expert Predictions What is Predictive Model Markup Language (PMML) Predictive Analysis Defined What is Big Data Analytics Revolution Analytics - Big Data Analytics Software
- 4. PredictiveAnalyticsandBigData Predictive analytics isan enabler of big data: Businesses collect vast amounts of real-time customer data and predictive analytics uses this historical data, combined with customer insight, to predict future events. Predictive analytics enable organizations to use big data (both stored and real-time) to move from a historical view to a forward-looking perspective of the customer. For example, stores that use data from loyalty programs can analyze past buying behavior to predict the coupons or promotions a customer is most to participate in or buy in the future. Predictive analytics could also be applied to customer website browsing behaviors to deliver a personalized website experience for the customer. Add subtitle text
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